Kathmandu, Nov 1: Finance Minister Dr Prakash Sharan Mahat has said Nepal requires sufficient financial resources for its economic prosperity and transformation. He highlighted the essentiality for foreign investment as such need could not be solely addressed by internal resources. In his address to a high-level investment conference organised by the Nepali Embassy in London, the capital of UK on Tuesday, the Minister insisted on the inevitability of foreign investment in Nepal, according to his secretariat and the Embassy. The event organised at the Mansion House based in City Of London marks the completion of a centenary of the signing of the friendship treaty between Nepal and the United Kingdom in 1923. On the occasion, the Finance Minister said the Nepal government has ensured necessary revisions to laws and act and institutional provisions for creating an investment-friendly atmosphere in the country. Likewise, the budget for the current fiscal has introduced various initiatives for reforms and to facilitate investors. “Necessary legal infrastructure has been readied for capital mobilization through the international financial market,” he said, expressing his hope that the UK investment to Nepal would further grow in the days to come. Also speaking on the occasion, Nepal’s Ambassador to the UK, Gyanchandra Acharya, Nepal anticipated ensuring the UK investment to Nepal with priorities to renewable energy, information technology, education and tourism. “Nepal has already signed a bilateral agreement with India for power trade and is preparing for making power supplies to Bangladesh as well,” he said, adding that electricity promotion in Nepal would help realise the climate change goals not only in Nepal but also in the South Asia. City of London’s Alderman and Sheriff, Bronec Masojada pledged to support Nepal in achieving the sustainable development. UK Foreign and Commonwealth Director Ben Mellor said in the recent year’s the investment through the British International Investment to various areas in Nepal was increasing and the UK’s support to Nepal to upgrade it to the status of a developing country from the category of least developed country. Virendra Sharma, the President of UK- Nepal Parliamentary Group in the UK Parliament talked about Nepal-US historic relations, citing abundant potentialities for investment in Nepal’s various sectors. UK Expert Finance Chief Executive Officer Tim Reid announced their readiness to invest up to 1.5 billion pound in Nepal. The conference was focussed on bringing investment into Nepal particularly in the renewable energy, information technology and education sectors. Separate panel discussions on these themes were held and Rajan Kandel, Chair of the British College, presented a paper on available opportunities in Nepal in the education sector. Neal Rastra Bank (NRB) deputy-governor Bam Bahadur Mishra assured the investors that the NRB was committed to simplify the profit repatriation process of foreign companies investing in Nepal. Joint Secretary of the Investment Board Nepal, Amrit Lamsal made a presentation on the investment opportunities in various sectors of Nepal, stressing that the Board is committed to facilitating the investors throughout the period from the approval of FDI to the implementation of the project. Joint Secretary at the Ministry of Energy, Water Resources and Irrigation, Sandeep Dev talked on the energy sector in Nepal, especially in the hydroelectricity projects under implementation, the agreements on power development and trade reached with India and China and the forthcoming plan of the Government of Nepal on the development of hydropower. He pointed out the need of huge capital for these and said investors have huge opportunities for investing in these areas. Independent Power Producers’ Association, Nepal (IPPAN) president Ganesh Karki provided information on the opportunities for investment for the development of hydropower and other renewable energy projects in Nepal, and called on the investors to invest in Nepal as the role of the government is positive to that end. Managing Director of British International Investment, Colin Berkley and founder and chief executive officer of Dolma Impact Fund, Tim Gochar said that the investments they have made in Nepal are all fruitful and Nepal is appropriate country for responsible investment. Speaking on behalf the development financial institutions investing in Nepal, Chief Executive Officer of Invest for Impact Nepal, Bibek Shrestha, made a presentation on investment of development financing organisations. Also on the occasion, a memorandum of understanding on facilitating development finance institutions in Nepal was reached between the Government of Nepal, Ministry of Finance and six development financing institutions – the British International Investment, UK; FMO, the Netherlands; BIO, Belgium; Finnfund, Finland; Proparco, France and Saipem, Switzerland. On the occasion, Finance Minister Dr Mahat held a discussion with the Chairman of Hinduja Group of Industries, GP Hinduja, on investing in Nepal. Around 100 people, including British bankers, private investors, insurance companies, representatives of development financing institutions and trade ministries of various European countries, including Britain, the Nepali diaspora and the British companies investing in Nepal, attended the conference.